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Top 5 Medical Health Insurance Cashless Online Offline India 2018

Compare Best Mediclaim or Health Insurance Company Cashless 2018 –

What is Health Insurance – Definition And Meaning

Medical Health Insurance A Medical health insurance policy is a contract between the insurance company and the policyholder, wherein the insurer pays for the medical expenses incurred by the life insured.

The insurer will either provide a reimbursement for your medical expenses or ensure you are eligible for cashless treatment for injuries or illnesses covered under the policy at one of the network hospitals. You can also get tax deductions on the premiums paid towards health insurance under Section 80D of the Income Tax Act, 1961.

The health insurance industry was started in 1986, and has since then seen exponential growth in a market that’s potentially worth billions.

Why should we buy a Health Insurance Plan –

Medical Health Insurance, which is popularly known as medical health insurance or mediclaim policy is a type of insurance policy that offers comprehensive protection against expensive treatments so a person can get quality treatment whenever required. It protects you from paying heavy medical bills when you are injured or have fallen ill. Just like other insurance policies, you need to select a plan and agree to pay a definite amount as a premium. In return you will get several benefits of owning a health policy.

What is Claim Settlement Ratio and why it is Important

Claim settlement ratio of an insurer is the number of claims that an insurer has rejected versus the number of claims the insurer has settled. This is very important to check because this will clear the picture of insurance company about their claim settlements.

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What is Incurred Claim Ratio in Medical Health Insurance –

The IRDA, or Insurance Regulatory and Development Authority publish the Incurred Claims Ratio for health insurance companies in India. Incurred Claim Ratio is basically the overall value of every claim a company has paid divided by the total sum of premium collected during the same period.

What points should be considered before buying a Health Insurance Plan –
  1. Price tag: You should ensure that the insurance company you shortlist offers a pricing that is within your budget.
  2. Company’s History: It is essential to check company’s history and track company’s records. Also check the company’s claim ratio on the website of the Insurance Regulatory and Development Authority (IRDA) and the ratings that are available on the websites of almost all companies.
  3. Size: You should check out company’s market share, total assets, growth ratio, financial ability etc as this will help you in choosing the appropriate plan which can provide the desired results.
  4. Service Quality: Another important factor while making your purchase decision. Check how the insurer treats their customers.
  5. Complaints And Reviews: Do some research on internet about the reviews they got and how seriously they take the customers complaints.

What are the benefits of taking a Medical Health Insurance –
  1. No-claim Bonus (NCB): NCB is the percentage of discount that is given to the policyholder from the insurer for every year that the former has made no claims.
  2. Family and Loyalty Discounts: This discount is given to a policyholder who enrolls a family member or another person in the health insurance plan.
  3. Customer Support: They should provide 24/7 customer service.
  4. Cashless Facility: It facilitates the policy holder to go cashless in case of emergency medical situation, and the insurer will settle the bil l directly with the hospital.
  5. Free Check-ups: Most of the insurance providers offer free medical check-up facility sometimes to encourage their customers.
  6. Lifelong Renewability: The policy should be renewed to keep the insurance always active. So check if the lifetime renewal option is provided or not.
  7. Co-payments: Under this option, if any claim is made, then pre-agreed percentage of claim is paid by the insurer and rest amount paid by the policy holder.
  8. Quick Claim Settlements: No one wants to wait so long for their claim to be settled. Therefore this Claim Settlement process should be quick.
  9. Tax Benefits: All policyholders can avail tax benefits for the premiums paid towards the plan under Section 80D of the Income Tax Act, 1961.
  10. Portability: The policyholder will be allowed to switch from one insurance company to another without compromising on the waiting period or any other features and benefits which were available with the previous insurer.

Top 5 in Health Insurance companies in Public Sector –

  1. United India Insurance Company Limited: Best General Insurance Company In India

It provides coverage for up to 4 family members (2 Adults and 2 Children) and cashless hospitalization in the over 7000 hospitals across India. The incurred claim ratio for the financial year 2016-17 is 107.06%.

  1. New India Assurance Company Limited: India’s Top Insurance Company in Public Sector

It provides coverage for up to 6 family members (2 Adults and 4 Children) over 1200 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 91.26%.

  1. Oriental Insurance Company Limited: Most Trusted Insurance Company in India

It provides coverage for up to 7 family members (4 Adults and 3 Children) over 4300 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 112.11%.

  1. National Insurance Company Limited: Best Government Insurance Company in India

It provides coverage for up to 6 family members and cashless hospitalization in the over 6000 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 97.25%

  1. SBI General Insurance Company: Biggest Insurance Company In India

It provides coverage for up to 4 family members (2 adults and 2 children) over 4400 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 97.25%.

Top 5 in Health Insurance companies in Private Sector –

  1. ICICI Lombard General Insurance Company: Best Insurance Company in Private Sector

It provides coverage for up to 4 family members (2 adults and 2 children) and cashless hospitalization in the over 4500 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 90.22%.

  1. Reliance General Insurance Company: Best Insurance Company Incurred Claim Ratio India

It provides coverage for up to 4 family members (2 adults and 2 children) and cashless hospitalization in the over 4000 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 92.23%.

  1. Bajaj Allianz General Insurance Company: Most Trusted Private Health Insurance Company

It provides coverage for up to 6 family members (2 adults and 4 children) and cashless hospitalization in the over 3700 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 78.50%.

  1. HDFC ERGO General Insurance Company: Best Health Insurance Company India

It provides coverage for up to 4 family members (2 adults and 2 children) and cashless hospitalization in the over 4800 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 76.9%.

  1. Star Health & Allied Insurance Company: Top Most Health Insurance Company

It provides coverage for up to 4 family members (2 adults and 2 children) over 6000 network hospitals across India. The incurred claim ratio for the financial year 2016-17 is 60.51%.

How to Compare the List of Health Insurance Company Plans

You can also find out and compare online at internet and offline by visiting their respective office, and enquire about various plans being offered by these General Insurance companies in India and buy health insurance policy for you and your family.

Best Websites to Compare and Buy Health Insurance Plans –

  1. PolicyBazaar – Best Site For Health Insurance Compare
  2. BankBazaar – India’s Best Site For Comparing Insurance Plan
  3. ComparePolicy – Top Website To Compare Insurance Policies
  4. Policyx – Best Online Place to compare Insurance Policy In India

In this article, we have provided you the list of Companies for Medical Health Insurance from the both public and private sectors. I hope all this information would be useful to you.

FAQ-

Question 1. Why do I need Health Insurance?

Answer: It protects you and your family from paying heavy medical bills in an emergency.

Question 2. Can I get cashless facility at any hospital?

Answer: No, cashless facility is available only at network hospitals.

Question 3. What does network hospital means?

Answer: Network hospital is referred to a hospital which has an agreement with the Insurance Company for providing cashless treatment.

Question 4. Do I need to carry to policy documents while travelling?

Answer: Actually you are advised to carry along with you, but just carrying your Health card will do the same.

Question 5. What is a health card and its benefits?

Answer: Health card is like an identity card which comes along with the health policy. You need to show this card to the network hospital to avail the cashless facility.